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Foxtons has been hit by a slowdown in the central London market, where “price and stamp duty pressures have deterred buyers”.

Pre-tax profits fell by 2.6pc to £41m from £42.1m, but were in line with expectations after the company flagged in a trading statement that it had experienced a slow end to last year.

In December, the company fell out of the FTSE 250 after its share price dropped following concerns about the London market and a fall in transactions in the capital, where the number of properties changing hands dropped by 7pc in November compared to a year earlier.

The company was also hit by an increase in stamp duty for homes worth more than £1m, which came into force in December 2014....